European economic confidence plunges to 15-year low

October 30th, 2008 - 7:13 pm ICT by IANS  

Berlin, Oct 30 (DPA) Economic confidence in Europe plummeted in October to its lowest level since 1993, according to a key survey released Thursday, adding to signs of a looming recession for the region.The European Commission’s closely-watched economic sentiment indicator (ESI) for the 15-member eurozone dropped from 87.5 in September to 80.4 October in the wake of share market chaos that has helped to fuel the deepening sense of economic gloom facing the
currency bloc.

The release of the commission’s latest survey comes just one week before the European Central Bank is expected to cut interest rates to help shore up investor and economic confidence.

Thursday’s survey showed industry confidence in the eurozone slumping from minus 12 to minus 18 in October to reach its lowest in about seven years.

At the same time, consumer confidence cascaded down to its level in nearly 14 years, dropping from minus 19 to minus 24.

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